Seventh Sale and Third During Last Three Months in Ontario-Based College Market
VANCOUVER, British Columbia, June 04, 2018 (GLOBE NEWSWIRE) — Legend Power Systems Inc. (TSXV:LPS), a global leader in voltage reduction and management technology, is pleased to announce the purchase of five Harmonizer systems by an Ontario-based college, totalling $597,585. This is the Company’s seventh sale in the post secondary subset of its Ontario education market vertical, and its third sale in the last three months.
Year-to-date, Legend Power’s three contracts in this vertical have averaged 4.5 systems and $520,000. Viewed in the context of the 45 college and university campuses in the Province of Ontario, we believe this represents a significant opportunity. Compared to contracts typically seen in the first half of fiscal 2018, these three contracts generally reflect a greater number of units sold, as well as higher margins.
“We are delighted with the recent level of activity in this subset of the broader education vertical in Ontario, and anticipate a similar acceleration of adoption and growth in other key verticals as we continue to replicate the keys to success in each of them,” said Randy Buchamer, CEO of Legend Power Systems. “To date, we’ve sold the most units in the Education vertical, as institutions have realized the Harmonizer’s energy savings capabilities and become comfortable with our technology. We’re beginning to see similar responses in our other targeted verticals, and believe we’ll see similar trajectories of adoption as our technology becomes more mainstream and accepted.”
Education is one of six verticals that Legend Power is focused on in 2018, each of which represents a multi billion-dollar addressable opportunity in North America.
About Legend Power Systems Inc.
Legend Power Systems Inc. (www.legendpower.com) is changing the way buildings around the world use power. The company’s patented and proprietary technology reduces overvoltage, a natural condition present in power grids around the world. Overvoltage inflates energy costs, damages electrical equipment, and increases the negative impact a building has on the environment. Legend’s utility-proven Harmonizer improves the power efficiency of an entire building to reduce total energy consumption and power costs, while maximizing equipment life. The solution provides customers risk-free energy savings, improves the value of their physical assets, and enhances their sustainability efforts. As an application with demand-side benefits, Legend is also a key contributor toward utility conservation goals. In 2015 Legend was recognized as the top performing cleantech company on the TSX Venture Exchange.
For further information, please contact:
Steve Vanry, CFO
+ 1 604 671 9522
Sean Peasgood, Investor Relations
+ 1 647 503 1054
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
This Press Release may contain statements which constitute “forward-looking information”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the Company’s quarterly and annual Management’s Discussion & Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements other than as may be required by applicable law.